CIR 13.4.2

(1) A Fund Manager of a Public Property Fund is not required to appoint an Eligible Custodian under CIR Rule 8.2.2(2) for Real Property if the Fund Manager:
(a) acts as custodian of the Real Property;
(b) has in place adequate systems and controls to ensure the proper segregation and protection of the Real Property; and
(c) has in place effective arrangements which ensure that the real Property is not available to creditors if the Fund Manager becomes insolvent.
(2) The systems and controls referred to in (1)(b) must, as a minimum, ensure that:
(a) legal title to the Real Property is registered in the name of the Fund;
(b) the Fund Manager identifies, manages and monitors any conflicts of interest that may arise due to it acting as custodian of the Real Property;
(c) the Fund Manager clearly designates the employees who are responsible for safeguarding the ownership rights of the Fund over any Real Property including but not limited to:
(i) safekeeping title deeds and other legally relevant documents relating to the Real Property; and
(ii) ensuring that legal title to the Real Property is registered in the name of the Fund; and
(d) the employees referred to in (c) are not required to carry out duties and functions which may conflict with their duties and functions referred to in that paragraph.
(3) If a Fund Manager referred to in (1) uses a Fund Platform, the Incorporated Cell Company (ICC) may act as the custodian of the Real Property.
(4) If an ICC acts as the custodian under (3), this Rule applies as if a reference to:
(a) the Fund Manager acting as custodian is to the ICC acting as custodian; and
(b) the Fund Manager becoming insolvent is to the ICC becoming insolvent.
[Added] RM158/2015 (Made 9th December 2015). [VER19/02-16]
[Amended] DFSA RMI248/2019 (Made 18th December 2019) [VER26/12-19].